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Aword from Sunil Tuli, President of APTRA & Group Chief Executive, King Power Group (Hong Kong) W ith APTRA supporting the industry across over 45 markets, our mission in 2026 is shaped by the fast-changing and often uncertain environment. Over the past 18 months, APTRA has actively advocated for the industry in over 15 markets, alongside global initiatives with DFWC and TFWA. Across Asia Pacific, regulation that impacts our industry, directly or indirectly, is becoming significantly more active and more complex. Tobacco and alcohol remain the key categories under pressure and, as major drivers of penetration and basket spend, they require focused support from APTRA’s regulatory strategy. Government relations and stakeholder engagement are therefore central to our daily operations, particularly in priority markets including China, Hong Kong, Malaysia, Indonesia, Thailand, and Vietnam. In March 2026, we were proud to partner with the phenomenal team at Bangalore International Airport Limited on the APTRA India Conference, the only conference dedicated to showcasing the scale and potential of this fast-evolving market in travel retail and welcomed 270 delegates. The programme featured a wide range of speakers, including perspectives from airlines, airports, aviation investors and the travel retail sector. We are already planning for the next conference in Jaipur, 16-18 February 2027. In times like these, the interdependence of the travel retail community is more acute than ever. This is a moment for mutual support, integrity, understanding and empathy for the pressures faced across our industry and the broader ecosystem. As APTRA marks its 21st anniversary in 2026, we remain commi tt ed to standing with the industry through this crisis, just as we have through many others and we are indebted to our many longstanding members and the growing list of companies joining our community. For more information please visit: www.aptra.asia . Lip Oil REINVENTED Care , tinted transparency and mirror-like shine . Enriched with Cotton and Sweet Almond oils , Nutri LIPOIL nourishes and softens the lips, enhancing them with delicate hues and intense radiance. Lip Care. The New Way. SWISS MADE www.mavala.com CARE !! ! Vegan Transparent Non-sticky Mavala. Your care. Your style. C M J CM MJ CJ CMJ N